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← HIGLEY FUND OF THE CLEVELAND FOUNDATION

Form 990 for tax year 2022

Filed by HIGLEY FUND OF THE CLEVELAND FOUNDATION.

Totals

Total revenue
$2,575,722
Total expenses
$2,321,685
Contributions and grants received
$0
Grants paid
$1,862,500
Program service revenue
$0
Investment income
$2,575,722
Other revenue
$0
Total assets, end of year
$37,217,207
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$37,217,207
Program services expenses (Part IX)
$1,862,500
Management and general expenses
$459,185
Fundraising expenses
$0
Program service expenses (Part III)
$1,862,500

Program services were 80.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $1,257,574 · excluded $1,257,574

  • 7a · Gross sales of assets other than inventory

    securities $17,044,129

  • 7b · Less cost or other basis and sales expenses

    securities $15,725,981

  • 7c · Gain or loss

    securities $1,318,148

  • 7d · Net gain or loss

    total $1,318,148 · excluded $1,318,148

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,862,500 · program services $1,862,500

  • 11f · Fees: investment management

    total $263,116 · management and general $263,116

  • 24a · Other expenses: SEE SCHEDULE O

    total $195,648 · management and general $195,648

  • 24e · All other expenses

    total $421 · management and general $421

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,023,090 · end of year $4,576,284

  • 11 · Investments: publicly traded securities

    beginning of year $16,122,554 · end of year $10,880,509

  • 12 · Investments: other securities

    beginning of year $25,649,372 · end of year $21,760,414

  • 27 · Net assets without donor restrictions

    beginning of year $45,795,016 · end of year $37,217,207

Mission and programs · 2022

Mission

THE ORGANIZATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT OF, AND TO CARRY OUT THE CHARITABLE AND EDUCATIONAL FUNCTIONS OF THE CLEVELAND FOUNDATION.

  • GRANTMAKING FOR OR ON BEHALF OF THE CLEVELAND FOUNDATION TO SUPPORT THE CLEVELAND FOUNDATION OR TO CARRY OUT THE CHARITABLE AND EDUCATIONAL FUNCTIONS OF THE CLEVELAND FOUNDATION.

    Expenses $1,862,500 · Grants $1,862,500

As filed on the 2022 return.

Listed in Part VII

  • Sharon Higley Watts

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Doug Wang

    FIRST VICE PRESIDENT & TRU

    Total calculated
    $0
    Hours/week
    0.5

  • Patricia Nobili

    VICE PRESIDENT & TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Jeff Linton

    VICE PRESIDENT & TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Brian Broadbent

    VICE PRESIDENT & TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Ginger F Mlakar

    SECRETARY

    Total calculated
    $241,607
    From this org
    $0
    From related orgs
    $195,844
    Other
    $45,763
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $194,113 related
    Bonus
    $0
    Other
    $0 + $1,731 related
    Deferred
    $0 + $19,955 related
    Nontaxable benefits
    $0 + $25,808 related
    Filer's total
    $0 + $241,607 related

  • Anthony Gattuso

    TREASURER

    Total calculated
    $159,961
    From this org
    $0
    From related orgs
    $119,620
    Other
    $40,341
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $119,382 related
    Bonus
    $0
    Other
    $0 + $238 related
    Deferred
    $0 + $11,166 related
    Nontaxable benefits
    $0 + $29,175 related
    Filer's total
    $0 + $159,961 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202323199349325012

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